Enron Broadbandits trial delayed

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Reuters reports that the trial of some of Enron Broadbandits has been delayed up until March 2005. The trial was originally set for October 4, 2004. Just wondering what’s the delay? Maybe the courts need more time to get the guilty parties to squeal louder. Earlier this week, former EBS chief operation officer Kevin Hannon pleaded guilty to conspiracy charges in the case and agreed to cooperate with prosecutors.

Hannon agreed to forfeit $2.2 million and pay $1 million to settle Securities and Exchange Commission civil charges and could be sentenced to up to five years in prison. In July, former EBS Co-Chief Executive Kenneth Rice agreed to cooperate with prosecutors in exchange for a sentence of up to 10 years and $14.7 million in forfeitures and fines. In addition to Shelby, the other EBS executives facing charges are former Co-Chief Executive Joseph Hirko, technology executive Scott Yeager and finance executives Michael Krautz and Kevin Howard.

You can read all about their scheming and shenanigans in the chapter five of Broadbandits, Attack of the Clones.

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Charlie Sierra

Om, Om, Om…

I’m sooo disappointed that you (of all people!!!) failed to acknowledge the article in today’s WSJ about Steven Cooper (sp?), the new Enron CRO, who is asking the BK court to award him/company an additional $25m fee. This additional ‘hardship’ fee (psst, man where can I get a hardship of $25m?) is on top of his regular monthly fee and the already agreed to success fee of ~$65m.

Whoever knew that being a corporate undertaker was so lucrative?

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